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After a bitcoin crackdown, China now calls it an 'investment alternative' in a significant shift in tone

After a bitcoin crackdown, China now calls it an 'investment alternative' in significant shift in tone

4/19/2021 9:16:00 AM

After a bitcoin crackdown, China now calls it an 'investment alternative' in significant shift in tone

China called bitcoin an 'investment alternative' marking a significant shift in tone after regulators cracked down on cryptocurrency trading in 2017.

an "investment alternative" — marking a significant shift in Beijing's tone after a crackdown on cryptocurrency issuance and trading nearly four years ago.Industry insiders called the comments "progressive" and are watching closely for any regulatory changes made by the People's Bank of China (PBOC).

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"We regard Bitcoin and stablecoin as crypto assets ... These are investment alternatives," Li Bo, deputy governor of the PBOC, said on Sunday during a panel hosted by CNBC at the Boao Forum for Asia."They are not currency per se. And so the main role we see for crypto assets going forward, the main role is investment alternative."

Bitcoin was up around 2% at 12:25 p.m. Beijing time at over $57,134.04, according to Coindesk data.In this photo illustration, the Bitcoin logo is seen on a mobile device with People's Republic of China flag in the background. (Photo Illustration by t/SOPA Images/LightRocket via Getty Images)

Budrul Chukrut | SOPA Images | LightRocket | Getty ImagesChina was once one of the world's largest buyers of bitcoin. Read more: CNBC »

Statements on Passing of Michael Collins

The following is a statement from acting NASA Administrator Steve Jurczyk on the passing of Michael Collins:

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